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Disability Insurance

By definition, our future is uncertain and unpredictable. This is why it is crucial plan with an eye to obtaining insurance offerings that can help you and your family in whatever challenges may occur as life moves on. Disability insurance is a perfect example of what a prudent planner may wish to consider. This kind of insurance can provide continuing income in the event that you can no longer work due to an accident or a serious illness.

No matter your marital status or whether you have children or not, acquiring disability insurance can help replace income lost as a result of a temporary or permanent disability. Often employers offer it as a choice in their insurance packages; it is important to remember however that there may be a waiting period before payments are initiated after a claim is filed.

The two kinds of disability insurance are short and long term. Short term insurance pays benefits for a period of time after you are injured or ill and are incapable of work. It is finite in duration and one receiving benefits is expected to get back to health after a period of healing. Long-term coverage comes with a mandatory waiting period before you can receive benefits. Once started however the payment duration will be much longer. If you are so inclined, you may acquire both kinds of insurance to cover both possibilities.

Adding a supplemental policy can help fill in any gaps you might have in your disability insurance. Another option is to file for workers’ compensation as most accidents and injuries occur on the job, thus making one eligible.

It is important to be prepared for possible outcomes. Accidents do happen and people come down with illnesses. This is why disability insurance can be so important. If disaster strikes you will be relieved and grateful that you took the time to educate yourself on the many options available for insurance coverage.